A local entrepreneur wants to be the next owner of a Canadian sports drink.
Dan Crosby, owner of Canadian Protein has submitted a bid to purchase BioSteel.
Speaking on AM800's The Morning Drive, Crosby says it was a quick but serious bidding process.
He says if his bid is successful, he'll run BioSteel the exact same way he operates his protein business.
"There's a lot of synergies and similarities between the two brands being my brand Canadian Protein and BioSteel and I think there's a lot of opportunity there if my bid is the winning bid and I run it exactly the same way as Canadian Protein which has been pretty successful," he says.
Dan Crosby (Photo courtesy: Dan Crosby's Facebook page)
Crosby says he received information about the bidding process from RBC Private Banking in Toronto.
"They knew that I'm the founder and owner of Canadian Protein and they said maybe this is something you may want to take a look at and the bid process was very quick," says Crosby. "It's a very serious process."
He says if his bid is successful, the deal has to close by November 15.
"The deal has to get done fairly quickly and I submitted my bid in and I think the opportunity there for someone like us to take it over and run it how we run our current operations," he says. "The deal has to close by November 15. So it's a very quick and it's basically you come cash in hand and you better be ready to buy it and that's how this is going down."
Crosby says he'll know in seven days if his bid is successful.
Last month, Canopy Growth Corp. the company that owns BioSteel announced it obtained creditor protection for its sports drink division and was seeking permission to sell the business.
The cannabis company said it pursued creditor protection from the Ontario Superior Court of Justice because its sports drink business BioSteel no longer has access to funding.